I had the same issue on my dev machine. I am no QV expert nor poweruser but to me it seems it is actually an ODBC error, not related to QV.
What worked for me was to go to the ODBC details screen,
1. open ODBC data source admin
2. click configure on the datasource you use
3. click details
4. go to tab 'connection' and check "allow big result sets"
5. go to tab 'cursor/results' and check 'don't cache results'
This allowed me to get past the out-of-memory error...